How to Do a Feasability Study

Edited by yip chi youn, Sondra C, Travis Derouin, Tom Viren and 15 others

A feasibility study can help you decide if a business or project is viable and will determine how you will prosper or collapse if you are planning to start a business. You're well on your way to being an entrepreneur and after this, you'll be one step closer. What's stopping you from starting your study now?

EditSteps

1
Define the objectives of study, there might be one to several. Not having objectives will result into confusion, because you will be gathering obsolete information which will only waste your time. Defining objectives will ensure that your study will be placed in proper parameters and will not delve into other topics.

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2
Research on the business model analysis of targeted industry or company. To do this, you must first understand the industry you are conducting a study of.
3
Conduct market analysis, i.e. 5 Forces, competitive study, market share analysis. This is needed to determine whether its the product which has gone awry or the marketing strategies of your company.
4
Construct a business plan. Without one, your company will not be able to set prioritize, organize projects intended to complement the business plan, or, it will not be able to achieve substantial growth.
5
Review the plan with insider, i.e. managers, frontline staffs, suppliers, customer of targeted company or industry. It's always important to know the sentiments of those who propel the company/industry forward, as usually, their sentiments reflects the current situation in a certain company/industry.
6
Simplify and modify the business plan so everybody will be able to understand after a one minute pitch. A complicated business plan will only confuse your partners and employees, and it will result into many conflicts of interests.
7
Write the study report. While doing so, include a statement on how the industry could improve.

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Categories: Research and Review

Recent edits by: Chris, Antonio Miguel Lagura, Thesharmer

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